Share Class
LU0592699093
An all-inclusive, sustainable Emerging Market solution
- Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
- Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Equities48 %
Bonds42.8 %
Other9.2 %
Data as of: Oct 31, 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 41.9 %
+ 42.0 %
+ 6.3 %
+ 20.2 %
+ 12.7 %
To 04/12/2025
Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024
- 0.6 %
+ 8.9 %
+ 6.5 %
- 15.0 %
+ 17.8 %
+ 19.6 %
- 5.9 %
- 10.3 %
+ 7.0 %
+ 1.1 %
Net Asset Value
141.95 €
Asset Under Management
319 M €
Net Equity Exposure31/10/2025
38.8 %
SFDR - Fund Classification
Article
8
Data as of: Oct 31, 2025.
Data as of: Dec 4, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Carmignac Portfolio Emerging Patrimoine fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: Nov 28, 2025.Fund management team
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a negative performance, below its reference indicator, suffering from its equity investments.
- The Fund’s hard-currency sovereign exposure benefited from our position in Ecuador this month, but this contribution was offset by the impact of our credit protection as spreads tightened.
- On the Equity side, our portfolio posted a negative performance, mainly due to the sharp early-month decline in Didi and the broad correction in global technology stocks—particularly impacting our positions in Taiwan (TSMC, Lite-On) and South Korea (SK Hynix).
- Our local rate strategies contributed positively to performance, driven by our long position in South Africa and Poland rates. On the other hand, our exposure to Colombian rates weighed on performance.
- On the currency front, the Fund benefited from its Latin American currency exposures, such as the Chilean and Colombian pesos, along with its exposure to the Hungarian forint.
Outlook strategy
- In the context of easing inflation, diverging monetary policies, persistent geopolitical risks, and the end of the US government shutdown in November, we expect central banks to maintain an accommodative bias. We are maintaining a constructive view on Emerging markets assets with a relatively high equity exposure (around 40%) and a moderate level of modified (around 290 basis points), combining local and hard-currency bonds.
- We maintain our exposure to local debt, favoring countries with high real yields such as Czech Republic, Hungary, South Africa, Poland, and several in Latin America, including Brazil and Peru, as well as Indonesia in Asia. Conversely, we hold short positions in developed markets, notably the United States and Japan.
- Regarding hard currency emerging debt, we favor high-yield (HY) issuers, with diversified exposure to countries such as Ivory Coast, Egypt, and Romania, which offer attractive yields despite solid fundamentals and therefore appear mispriced by the market.
- Although the credit segment continues to offer attractive carry, particularly in the energy and financial sectors, we have reinforced our credit hedges through the iTraxx Crossover index, given tight spread valuations.
- On the Equity side, we maintain our significant exposure to Asia particularly through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and TSMC, together with some diversification into China, India and Latin America. After the solid YTD run, we’re staying disciplined — taking profits on outperformers like Equatorial, Hynix, and Elite Materials.
- Finally, we remain cautious on currencies, maintaining significant exposure to the euro and a relatively limited allocation to the US dollar. We remain selective on EM currencies, particularly those of commodity exporting countries such as the Chilean peso and the Brazilian real.
Performance Overview
Data as of: Dec 4, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 05/12/2025
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Oct 31, 2025.| Equities | 48 % |
| Bonds | 42.8 % |
| Cash, Cash Equivalents and Derivatives Operations | 9.2 % |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.
Exposure Data
Data as of: Oct 31, 2025.Equity Investment Weight48.0 %
Net Equity Exposure38.8 %
Active Share90.0 %
Modified Duration2.8
Yield to Maturity6.2 %
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Alessandra ALECCI
Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Articles that may interest you
Press release • August 29, 2023 • English
Carmignac develops Emerging Market Debt team
3 minute(s) read
Strategies insights • July 26, 2023 • English
Carmignac P. Emerging Patrimoine: Letter from the Fund Managers
5 minute(s) read
Did you enjoy the fund page?
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment